Article Title: How Does This Lender Stack Up?
Short Description: Big Picture Loans is a tribal lender that offers customers installment loans. The lender is owned by Tribal Economic Development Holdings, LLC, operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians, which is governed by tribal law. But is a loan from this lender worth it? We investigate...
Cost of Loan
They are one of the better tribal lenders. Why? Because they have one of the lowest interest rates for tribal loans around. Granted, it’s still a very high interest rate. But, comparing it against other tribal lenders, the rates are actually more reasonable. And, repeat borrowers that pay their loan/s on time can get even lower interest rates as they prove their credit worthiness. The minimum amount you can borrow is $200, with the maximum being $3,500. Interest rates vary and will depend on your credit. However, it can be anywhere from 35% 475% APR. 35% is the lowest interest rate we’ve seen from a tribal lender. That said, this is still an expensive form of borrowing and should only be used for emergencies.
User Review( vote)
- Excellent option for people that need a short-term loan that can be repaid quickly
- Has the lowest interest rates out of all tribal lenders – 35% 475% APR
- Very fast and smooth application process
- Funds are deposited within 24 business hours typically
- 91% of accepted applications are approved
- It’s still a very expensive form of borrowing
- Not a good option for large financial purchases
Read This Guide on Big Picture Loans Before You Apply!
Bad credit can make your life miserable. Your credit score is one of the things that can make or break you. And when an emergency expense comes up, it can be near impossible to qualify for a traditional loan with the best rates and terms. If you’ve been hit with an unexpected bill, and need fast cash to pay it off, you might be considering Big Picture Loans. The question is…how much will a loan cost and will it be worth it?
What is Big Picture Loans and How Does it Work?
Big Picture Loans is a tribal lender that offers bad credit borrowers short term installment loans. They are owned by Tribal Economic Development Holdings, LLC, operated and owned by the Lac Vieux Desert Band of Lake Superior Chippewa Indian Tribe. They are federally recognized and created for the benefit of the Tribe and operating pursuant to Tribal law. Installment loans give bad credit borrowers much needed flexibility with loan repayments.
Most installment loans give you up to 12 months to pay the balance off.
You can potentially use this type of loan for:
- Short term financial needs
- Unexpected bills
- Medical emergencies
- Vehicle repairs
- And more…
The process is rather simple:
- You can apply for a loan directly on their website
- After submitting your application, a loan specialist will review it
- You will then be contacted by your loan specialist to discuss your individual rates and terms
- Once you are satisfied and want to proceed, your funds will be deposited into your bank account within 24 hours
- You will begin repaying the loan on your next pay period in installments
How Much Can I Borrow From Big Picture Loans?
With Big Picture Loans, you can borrow as little as $200 — up to $3,000. Keep in mind, the more you borrow, the more you’ll pay in interest. And, the longer you keep the loan balance open, you’ll also pay more in interest. In a perfect world, the best case scenario is to borrow only what you need and pay the loan back as soon as possible. By doing this, you will eliminate a large percentage of the interest.
Unfortunately, not every borrower is in a situation to pay the loan back quick. If that’s the case for you, just make sure you make on time payments.
How Much Will a Big Picture Loan Cost?
Tribal installment loan rates offered by BPL are actually more reasonable than most bad credit lenders. In a world of bad credit lenders, you’ll often find shady loan sharks that charge interest rates as high as 2,700% APR. This is not the case with Big Picture Loans. They are very transparent about rates, terms and overall costs. Loan rates start at 35% APR but could be as high as 699% APR. Your credit history will play a large part in determining your rates, but will not necessarily prevent you from getting a loan.
Here’s what a typical BPL loan will cost you:
A $300 Installment Loan With a 35% APR (Repay in 4 Months)
- Amount Financed – $300.00
- Payment Every Two Weeks – $36.89
- Total of 8 Payments – $319.70
- Total Interest – $19.70
- All Payments and Fees – $319.70
A $300 Installment Loan With a 699% APR (Repay in 4 Months)
- Amount Financed – $300.00
- Payment Every Two Weeks – $84.22
- Total of 8.67 Payments – $729.88
- Total Interest – $429.88
- All Payments and Fees – $729.88
A $3,500 Installment Loan With a 35% APR (Repay in 18 Months)
- Amount Financed – $3,500.00
- Payment Every Two Weeks – $115.72
- Total of 39 Payments – $4,513.24
- Total Interest – $1,013.24
- All Payments and Fees – $4,513.24
A $3,500 Installment Loan With a 699% APR (Repay in 18 Months)
- Amount Financed – $3,500.00
- Payment Every Two Weeks – $826.08
- Total of 39 Payments – $32,217.00
- Total Interest – $28,717.00
- All Payments and Fees – $32,217.00
What Are The Loan Rates and Terms?
As mentioned, Big Picture Loan specializes in unsecured loans ranging from $200 to $3,500. These loans help you with covering minor emergencies or providing you a simple boost in your cash flow. Before you can apply for a loan, you must meet the following requirements:
- Steady income that includes at least $700 of verifiable income.
- A valid bank account that is in good standing.
- A valid phone number.
- You must reside within the United States and be at least 18 years of age.
Unlike some tribal lenders, Big Picture Loans gives you the interest rates of their product with specifics. The range is from 35% up to 475%.
However, if you are a new customer your interest rate will be between 350% to 475%.
Loan terms range from 4 months up to a year and a half, allowing for flexible repayment options. The provide a hypothetical example as well if you want to see how a loan is repaid.
Prepayment is also based upon your loan terms and isn’t disclosed on the website.
How to Apply for a Loan
Step 1: Enter Your Personal and Contact Details
On step 1, you will enter your personal and contact details as follows:
- First name
- Last Name
- Email Address
- Physical Address
Step 2: Complete Personal and Contact Details
On step 2 , you will complete your personal and contact information:
- Mobile Phone #
- Home Phone #
- Social Security #
- Create an Account Password
- Date of Birth
Step 3: Review the Disclosure
On step 3 , read the disclosure very carefully. Bad credit borrowers often do not read the disclosure and are surprised when rates are higher than expected.
Step 4: Employment and Income Details
On step 4, you will enter your employment and income details.
- Employer Name
- Employer Phone #
- Length of Time w/ Employer
- Income type (employed, un-employed, retired, social security, etc)
- Last Take Home Pay of Last Check
- How Your Pay date Falls on a Weekend or Holiday
Step 5: Bank Account Details
On step 5, simply enter your banking account details.
- Bank Account Type (checking or savings)
- How Long You’ve Had This Account (years and months)
- Bank Routing #
- Bank Account #
- Bank Name
If you are satisfied with everything so far, submit your application. You should hear back from a loan specialist within 15 minutes or the next business day at the latest.
The Advantages of Big Picture Loans
Big Picture loans has major advantages for bad credit borrowers. Despite the higher than average interest rates, BPL has significantly lower minimum APR than other tribal lenders. If you meet their criteria, you can qualify for the lowest interest rate of 35% APR. Even if you don’t qualify for that, as long as you make on-time payments and build positive history, you might then be eligible for the lower interest rate. That said, here’s are the main advantages you might appreciate:
- Interest rates start at 35% for qualified bad credit borrowers
- 91% approval rate
- Applying will not negatively affect your credit score
- Loan terms are months, up to 18 months which give you flexibility
- Deposits funds within 24 hours if you are approved
- Can help rebuild your credit score
- Is a member of the Online Lenders Alliance
- Is a member of the Native American Financial Services Associations
Important: Big Picture Loans also recently won a lawsuit in Circuit Court and is a big win for ethical, tribal lenders in the U.S.
As with any bad credit lender, there are major disadvantages. To start, you’ll pay a much higher interest rate for bad credit installment loans. This is really the only major disadvantage to BPL. However, when you apply online make sure to read all disclosures so that you understand what you are doing. Borrowers often find themselves “surprised” when they start making payments and find out the true cost of the loan.
Have you used Big Picture Loans for funding? If so, leave a review in the comments for others!